This on-chain indicator is extremely bullish for Bitcoin

Army of holders

Furthermore, we see from this data that 8.7 percent of all Bitcoin has not moved in the past 5 to 7 years. That 5.6 percent of all Bitcoin was last moved in the last 7 to 10 years and that 14.8 percent of all Bitcoin has been parked at the same address for more than 10 years.

There is a good chance that a large part of that 14.8 percent is no longer accessible to the owners in question. What it mainly shows is that Bitcoin has a huge loyal army of token holders.

Five years ago, Bitcoin was trading at $6,500. Just under five months later, the price fell to $ 3,100, for a drop of about 50 percent. Then, from December 2018 to June 2019, the price shot to $13,800 for a 440 percent increase.

Immediately after that, Bitcoin fell by 50 percent towards the end of 2019. Momentum then picked up at the start of 2020, until COVID-19 came into play and the price fell by more than 60 percent.

Then the price shot to $ 64,000 in the first quarter of 2023, for a plus of 1,700 percent. The price then fell by more than 50 percent from April 2021 to June 2021 and recouped those losses in November 2021 with a new all-time high.

Bitcoin then lost 77.5 percent of its price value over a period of about 12 months. Since that provisional bottom of November 2022, the Bitcoin price has already risen by 90-100 percent.

What does this tell us?

Let it sink in for a moment that 30 percent of all Bitcoin did not move in the entire price period described above. Despite all this volatility (both up and down), the owners of this Bitcoin decided to hold on to their Bitcoin.

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This mainly says that they have a huge amount of confidence in the future of the Bitcoin price.

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